GLP Capital Partners (GCP), an alternative asset manager based in Singapore, announced on August 8, 2023 that it has closed its first commingled clean energy strategy in China, raising approximately RMB 4 billion (US$555 million) in total capital commitments from domestic institutions.
The fund, which is called the GLP China Clean Energy Fund, will focus on investing in a diversified portfolio of clean energy assets in China, including solar, wind, hydro, and biomass. GCP is targeting a total investment of approximately RMB 20 billion over the next five years.
The GLP China Clean Energy Fund is supported by a strong group of investors, including the National Green Development Fund, the China Energy Investment Corporation, and the China Development Bank. These investors are committed to supporting the development of clean energy in China and believe that GCP is the right partner to help them achieve their goals.
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GCP has a long track record of investing in clean energy assets in China. The firm has invested in over 100 clean energy projects in the country, with a total value of over RMB 10 billion. GCP has a deep understanding of the Chinese clean energy market and is well-positioned to identify and invest in the best opportunities.
The closing of the GLP China Clean Energy Fund is a significant milestone for GCP and the Chinese clean energy market. The fund will help to accelerate the development of clean energy in China and contribute to the country’s efforts to reduce its carbon emissions.
In a statement, GCP CEO, Nick Wu, said, “We are pleased to announce the closing of our first commingled clean energy strategy in China. We are grateful for the support of our investors, and we are excited to deploy this capital to create value for our portfolio companies. We believe that China is a leading market for clean energy innovation and investment, and we are committed to helping the country achieve its clean energy goals.”
The GLP China Clean Energy Fund is a testament to the growing interest in clean energy in China. The fund is well-positioned to succeed and will help to accelerate the development of clean energy in the country.
